# China Merchants Bank (600036.SHG)

Canonical: https://gigainvestors.com/s/600036.SHG

Analysis as of: 2026-10-16T07:33:35.658Z. Financial observations: FY2015–FY2025.

Listing currency: CNY. Reporting currency: CNY.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: CNY 42.66 per share; close as of 2026-10-15.

Estimated value: low CNY 90.43 per share, central CNY 113.04 per share, high CNY 150.72 per share. Buy at or below the central value CNY 113.04 per share. Valuation as of 2026-10-16T07:33:35.658Z; scenarios are not confidence intervals.

Expected annual return: 16.6% at the stated quote. About 16.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; CN 10-year bond 1.7% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 9

- Return on common equity variation (informational): 0.09×

Chart: Net income; fiscal year observations.

- FY2016: CNY 62B

- FY2017: CNY 70B

- FY2018: CNY 79B

- FY2019: CNY 91B

- FY2020: CNY 96B

- FY2021: CNY 116B

- FY2022: CNY 138B

- FY2023: CNY 147B

- FY2024: CNY 148B

- FY2025: CNY 150B

### moat: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Bank / P&C ROTE, median of available years: 14.4%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 12.4%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 16.0%

- FY2017: 16.6%

- FY2018: 15.1%

- FY2019: 15.4%

- FY2020: 13.6%

- FY2021: 13.8%

- FY2022: 14.9%

- FY2023: 13.8%

- FY2024: 12.3%

- FY2025: 12.4%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 17.8%

- Book return interval: 10 years

- Starting book value per share: CNY 13.87

- Ending book value per share: CNY 45.91

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 15.9%

- FY2017: 14.3%

- FY2018: 25.6%

- FY2019: 18.9%

- FY2020: 24.7%

- FY2021: 24.2%

- FY2022: 12.6%

- FY2023: 20.3%

- FY2024: 18.6%

- FY2025: 4.6%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: 0.5%

- Diluted shares, 5-year annual growth: 0.6%

- Share growth excluding flagged crisis recapitalisations: 0.5%

- Five-year share growth excluding flagged crisis recapitalisations: 0.6%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.14×

- Book value created per share: CNY 32.04

- Earnings retained per share after dividends and buybacks: CNY 28.23

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 101

- FY2017: 100

- FY2018: 103

- FY2019: 102

- FY2020: 102

- FY2021: 102

- FY2022: 105

- FY2023: 104

- FY2024: 105

- FY2025: 105

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

Down 21% since Oct 2021 · net income +1.2%

Story as of 2026-10-16T09:59:56.817Z; price observation 2026-10-15.

The price assumes profits shrink 0.6% a year forever

### Net income · FY2025

net income +1.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 62B 

- FY2017: CNY 70B 

- FY2018: CNY 79B 

- FY2019: CNY 91B 

- FY2020: CNY 96B 

- FY2021: CNY 116B 

- FY2022: CNY 138B 

- FY2023: CNY 147B 

- FY2024: CNY 148B 

- FY2025: CNY 150B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in regional banking; annual sales are CNY 337.5 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:35.658Z); FY2025: revenue 337532000000.

### Why customers stay

It earns 14.4% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:35.658Z); 10-year return on tangible equity observations [[2016,0.15980405784566595],[2017,0.1662188354492766],[2018,0.15143738939836549],[2019,0.1541442851492646],[2020,0.13590830652549052],[2021,0.13846490846903947],[2022,0.1487942246985562],[2023,0.1383924230710049],[2024,0.12267226826844702],[2025,0.1241520302499723]]; median 0.14362956658379783. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:35.658Z); Dividend observations: [[2016,17402000000],[2017,18663000000],[2018,22844000000],[2019,25377000000],[2020,32087000000],[2021,35458000000],[2022,43622000000],[2023,48390000000],[2024,55315000000],[2025,61752000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 44.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 600036.SHG SharesStats.PercentInsiders = 44.708 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits shrink 0.6% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:35.658Z); Price 42.66; FX 1; original perpetual distributable cash 4.521548433020417; discount 0.1; growth -0.005990352391477188. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (CNY per share)

- 2016-10: CNY 17.86 per share

- 2016-11: CNY 18.55 per share

- 2016-12: CNY 17.60 per share

- 2017-01: CNY 19.00 per share

- 2017-02: CNY 19.44 per share

- 2017-03: CNY 19.17 per share

- 2017-04: CNY 19.13 per share

- 2017-05: CNY 22.42 per share

- 2017-06: CNY 23.91 per share

- 2017-07: CNY 25.57 per share

- 2017-08: CNY 26.75 per share

- 2017-09: CNY 25.55 per share

- 2017-10: CNY 27.10 per share

- 2017-11: CNY 28.99 per share

- 2017-12: CNY 29.02 per share

- 2018-01: CNY 33.94 per share

- 2018-02: CNY 30.30 per share

- 2018-03: CNY 29.09 per share

- 2018-04: CNY 29.33 per share

- 2018-05: CNY 28.78 per share

- 2018-06: CNY 26.44 per share

- 2018-07: CNY 28.39 per share

- 2018-08: CNY 28.29 per share

- 2018-09: CNY 30.69 per share

- 2018-10: CNY 28.91 per share

- 2018-11: CNY 28.55 per share

- 2018-12: CNY 25.20 per share

- 2019-01: CNY 29.21 per share

- 2019-02: CNY 31.74 per share

- 2019-03: CNY 33.92 per share

- 2019-04: CNY 34.36 per share

- 2019-05: CNY 34.21 per share

- 2019-06: CNY 35.98 per share

- 2019-07: CNY 36.56 per share

- 2019-08: CNY 34.28 per share

- 2019-09: CNY 34.75 per share

- 2019-10: CNY 35.50 per share

- 2019-11: CNY 36.03 per share

- 2019-12: CNY 37.58 per share

- 2020-01: CNY 36.81 per share

- 2020-02: CNY 34.20 per share

- 2020-03: CNY 32.28 per share

- 2020-04: CNY 35.09 per share

- 2020-05: CNY 33.82 per share

- 2020-06: CNY 33.72 per share

- 2020-07: CNY 34.80 per share

- 2020-08: CNY 37.69 per share

- 2020-09: CNY 36.00 per share

- 2020-10: CNY 39.81 per share

- 2020-11: CNY 44.20 per share

- 2020-12: CNY 43.95 per share

- 2021-01: CNY 51.10 per share

- 2021-02: CNY 51.10 per share

- 2021-03: CNY 51.10 per share

- 2021-04: CNY 52.70 per share

- 2021-05: CNY 58.19 per share

- 2021-06: CNY 54.19 per share

- 2021-07: CNY 46.50 per share

- 2021-08: CNY 48.96 per share

- 2021-09: CNY 50.45 per share

- 2021-10: CNY 53.97 per share

- 2021-11: CNY 49.49 per share

- 2021-12: CNY 48.71 per share

- 2022-01: CNY 49.21 per share

- 2022-02: CNY 49.80 per share

- 2022-03: CNY 46.80 per share

- 2022-04: CNY 39.93 per share

- 2022-05: CNY 39.69 per share

- 2022-06: CNY 42.20 per share

- 2022-07: CNY 35.07 per share

- 2022-08: CNY 35.05 per share

- 2022-09: CNY 33.65 per share

- 2022-10: CNY 26.82 per share

- 2022-11: CNY 34.96 per share

- 2022-12: CNY 37.26 per share

- 2023-01: CNY 41.21 per share

- 2023-02: CNY 37.31 per share

- 2023-03: CNY 34.27 per share

- 2023-04: CNY 33.60 per share

- 2023-05: CNY 32.30 per share

- 2023-06: CNY 32.76 per share

- 2023-07: CNY 35.56 per share

- 2023-08: CNY 31.55 per share

- 2023-09: CNY 32.97 per share

- 2023-10: CNY 30.76 per share

- 2023-11: CNY 28.79 per share

- 2023-12: CNY 27.82 per share

- 2024-01: CNY 30.71 per share

- 2024-02: CNY 32.04 per share

- 2024-03: CNY 32.20 per share

- 2024-04: CNY 34.31 per share

- 2024-05: CNY 34.28 per share

- 2024-06: CNY 34.19 per share

- 2024-07: CNY 32.73 per share

- 2024-08: CNY 32.15 per share

- 2024-09: CNY 37.61 per share

- 2024-10: CNY 37.36 per share

- 2024-11: CNY 36.34 per share

- 2024-12: CNY 39.30 per share

- 2025-01: CNY 40.65 per share

- 2025-02: CNY 42.05 per share

- 2025-03: CNY 43.29 per share

- 2025-04: CNY 40.74 per share

- 2025-05: CNY 43.43 per share

- 2025-06: CNY 45.95 per share

- 2025-07: CNY 44.48 per share

- 2025-08: CNY 42.89 per share

- 2025-09: CNY 40.41 per share

- 2025-10: CNY 40.89 per share

- 2025-11: CNY 42.95 per share

- 2025-12: CNY 42.10 per share

- 2026-01: CNY 38.67 per share

- 2026-02: CNY 38.75 per share

- 2026-03: CNY 39.32 per share

- 2026-04: CNY 38.27 per share

- 2026-05: CNY 38.01 per share

- 2026-06: CNY 35.50 per share

- 2026-07: CNY 39.62 per share

- 2026-08: CNY 40.12 per share

- 2026-09: CNY 41.26 per share

- 2026-10: CNY 42.80 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 48.61 per share, central CNY 60.76 per share, high CNY 81.01 per share

- FY2017: low CNY 53.97 per share, central CNY 67.46 per share, high CNY 89.94 per share

- FY2018: low CNY 54.83 per share, central CNY 68.54 per share, high CNY 91.39 per share

- FY2019: low CNY 53.56 per share, central CNY 66.96 per share, high CNY 89.27 per share

- FY2020: low CNY 56.78 per share, central CNY 70.98 per share, high CNY 94.63 per share

- FY2021: low CNY 64.66 per share, central CNY 80.82 per share, high CNY 107.76 per share

- FY2022: low CNY 67.73 per share, central CNY 84.66 per share, high CNY 112.88 per share

- FY2023: low CNY 76.65 per share, central CNY 95.82 per share, high CNY 127.76 per share

- FY2024: low CNY 84.25 per share, central CNY 105.31 per share, high CNY 140.42 per share

- FY2025: low CNY 78.77 per share, central CNY 98.46 per share, high CNY 131.28 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:21.220Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

China Merchants Bank

600036 · SHG

Hang Seng · CSI 300

A wonderful business at a fair price

Passes the quality tests.

Share price: CNY 42.66
Buy up to: CNY 113.04
Expected / yr: 16.6% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Where the cash goes
Are managers owners
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Profits were positive in 10 years (at least 9 needed).

Net income

10y median: CNY 106B
Worst year: CNY 62B
Latest · 2025: CNY 150B

Earned a median 14.4% on tangible equity (minimum 12%), and the second-worst year 12.4% (minimum 5%).

Return on tangible common equity

10y median: 14.4%
Worst year: 12.3%
Latest · 2025: 12.4%

Book value plus dividends grew 17.8% a year (minimum 7%).

Annual book + dividend return

10y median: 18.8%
Worst year: 4.6%
Latest · 2025: 4.6%

Ordinary share growth was 0.5% over the full period and 0.6% over five years (either must be at most 2% a year).

Shares (first year = 100)

11y median: 102
Worst year: 105
Latest · 2025: 105

0 accounting warnings were found (none allowed).

accounting warnings: 0
Passing bar: ≤ 0

Profit record · pass 0 loss years in 10 (at most 2), three-year average earnings per share 5.66 CNY.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price CNY 17.86 · Value 60.76 · Buy at or below 60.76; 2016-11 · Price CNY 18.55 · Value 60.76 · Buy at or below 60.76; 2016-12 · Price CNY 17.60 · Value 60.76 · Buy at or below 60.76; 2017-01 · Price CNY 19.00 · Value 60.76 · Buy at or below 60.76; 2017-02 · Price CNY 19.44 · Value 67.46 · Buy at or below 67.46; 2017-03 · Price CNY 19.17 · Value 67.46 · Buy at or below 67.46; 2017-04 · Price CNY 19.13 · Value 67.46 · Buy at or below 67.46; 2017-05 · Price CNY 22.42 · Value 67.46 · Buy at or below 67.46; 2017-06 · Price CNY 23.91 · Value 67.46 · Buy at or below 67.46; 2017-07 · Price CNY 25.57 · Value 67.46 · Buy at or below 67.46; 2017-08 · Price CNY 26.75 · Value 67.46 · Buy at or below 67.46; 2017-09 · Price CNY 25.55 · Value 67.46 · Buy at or below 67.46; 2017-10 · Price CNY 27.10 · Value 67.46 · Buy at or below 67.46; 2017-11 · Price CNY 28.99 · Value 67.46 · Buy at or below 67.46; 2017-12 · Price CNY 29.02 · Value 67.46 · Buy at or below 67.46; 2018-01 · Price CNY 33.94 · Value 67.46 · Buy at or below 67.46; 2018-02 · Price CNY 30.30 · Value 68.54 · Buy at or below 68.54; 2018-03 · Price CNY 29.09 · Value 68.54 · Buy at or below 68.54; 2018-04 · Price CNY 29.33 · Value 68.54 · Buy at or below 68.54; 2018-05 · Price CNY 28.78 · Value 68.54 · Buy at or below 68.54; 2018-06 · Price CNY 26.44 · Value 68.54 · Buy at or below 68.54; 2018-07 · Price CNY 28.39 · Value 68.54 · Buy at or below 68.54; 2018-08 · Price CNY 28.29 · Value 68.54 · Buy at or below 68.54; 2018-09 · Price CNY 30.69 · Value 68.54 · Buy at or below 68.54; 2018-10 · Price CNY 28.91 · Value 68.54 · Buy at or below 68.54; 2018-11 · Price CNY 28.55 · Value 68.54 · Buy at or below 68.54; 2018-12 · Price CNY 25.20 · Value 68.54 · Buy at or below 68.54; 2019-01 · Price CNY 29.21 · Value 68.54 · Buy at or below 68.54; 2019-02 · Price CNY 31.74 · Value 66.96 · Buy at or below 66.96; 2019-03 · Price CNY 33.92 · Value 66.96 · Buy at or below 66.96; 2019-04 · Price CNY 34.36 · Value 66.96 · Buy at or below 66.96; 2019-05 · Price CNY 34.21 · Value 66.96 · Buy at or below 66.96; 2019-06 · Price CNY 35.98 · Value 66.96 · Buy at or below 66.96; 2019-07 · Price CNY 36.56 · Value 66.96 · Buy at or below 66.96; 2019-08 · Price CNY 34.28 · Value 66.96 · Buy at or below 66.96; 2019-09 · Price CNY 34.75 · Value 66.96 · Buy at or below 66.96; 2019-10 · Price CNY 35.50 · Value 66.96 · Buy at or below 66.96; 2019-11 · Price CNY 36.03 · Value 66.96 · Buy at or below 66.96; 2019-12 · Price CNY 37.58 · Value 66.96 · Buy at or below 66.96; 2020-01 · Price CNY 36.81 · Value 66.96 · Buy at or below 66.96; 2020-02 · Price CNY 34.20 · Value 70.98 · Buy at or below 70.98; 2020-03 · Price CNY 32.28 · Value 70.98 · Buy at or below 70.98; 2020-04 · Price CNY 35.09 · Value 70.98 · Buy at or below 70.98; 2020-05 · Price CNY 33.82 · Value 70.98 · Buy at or below 70.98; 2020-06 · Price CNY 33.72 · Value 70.98 · Buy at or below 70.98; 2020-07 · Price CNY 34.80 · Value 70.98 · Buy at or below 70.98; 2020-08 · Price CNY 37.69 · Value 70.98 · Buy at or below 70.98; 2020-09 · Price CNY 36.00 · Value 70.98 · Buy at or below 70.98; 2020-10 · Price CNY 39.81 · Value 70.98 · Buy at or below 70.98; 2020-11 · Price CNY 44.20 · Value 70.98 · Buy at or below 70.98; 2020-12 · Price CNY 43.95 · Value 70.98 · Buy at or below 70.98; 2021-01 · Price CNY 51.10 · Value 70.98 · Buy at or below 70.98; 2021-02 · Price CNY 51.10 · Value 80.82 · Buy at or below 80.82; 2021-03 · Price CNY 51.10 · Value 80.82 · Buy at or below 80.82; 2021-04 · Price CNY 52.70 · Value 80.82 · Buy at or below 80.82; 2021-05 · Price CNY 58.19 · Value 80.82 · Buy at or below 80.82; 2021-06 · Price CNY 54.19 · Value 80.82 · Buy at or below 80.82; 2021-07 · Price CNY 46.50 · Value 80.82 · Buy at or below 80.82; 2021-08 · Price CNY 48.96 · Value 80.82 · Buy at or below 80.82; 2021-09 · Price CNY 50.45 · Value 80.82 · Buy at or below 80.82; 2021-10 · Price CNY 53.97 · Value 80.82 · Buy at or below 80.82; 2021-11 · Price CNY 49.49 · Value 80.82 · Buy at or below 80.82; 2021-12 · Price CNY 48.71 · Value 80.82 · Buy at or below 80.82; 2022-01 · Price CNY 49.21 · Value 80.82 · Buy at or below 80.82; 2022-02 · Price CNY 49.80 · Value 84.66 · Buy at or below 84.66; 2022-03 · Price CNY 46.80 · Value 84.66 · Buy at or below 84.66; 2022-04 · Price CNY 39.93 · Value 84.66 · Buy at or below 84.66; 2022-05 · Price CNY 39.69 · Value 84.66 · Buy at or below 84.66; 2022-06 · Price CNY 42.20 · Value 84.66 · Buy at or below 84.66; 2022-07 · Price CNY 35.07 · Value 84.66 · Buy at or below 84.66; 2022-08 · Price CNY 35.05 · Value 84.66 · Buy at or below 84.66; 2022-09 · Price CNY 33.65 · Value 84.66 · Buy at or below 84.66; 2022-10 · Price CNY 26.82 · Value 84.66 · Buy at or below 84.66; 2022-11 · Price CNY 34.96 · Value 84.66 · Buy at or below 84.66; 2022-12 · Price CNY 37.26 · Value 84.66 · Buy at or below 84.66; 2023-01 · Price CNY 41.21 · Value 84.66 · Buy at or below 84.66; 2023-02 · Price CNY 37.31 · Value 95.82 · Buy at or below 95.82; 2023-03 · Price CNY 34.27 · Value 95.82 · Buy at or below 95.82; 2023-04 · Price CNY 33.60 · Value 95.82 · Buy at or below 95.82; 2023-05 · Price CNY 32.30 · Value 95.82 · Buy at or below 95.82; 2023-06 · Price CNY 32.76 · Value 95.82 · Buy at or below 95.82; 2023-07 · Price CNY 35.56 · Value 95.82 · Buy at or below 95.82; 2023-08 · Price CNY 31.55 · Value 95.82 · Buy at or below 95.82; 2023-09 · Price CNY 32.97 · Value 95.82 · Buy at or below 95.82; 2023-10 · Price CNY 30.76 · Value 95.82 · Buy at or below 95.82; 2023-11 · Price CNY 28.79 · Value 95.82 · Buy at or below 95.82; 2023-12 · Price CNY 27.82 · Value 95.82 · Buy at or below 95.82; 2024-01 · Price CNY 30.71 · Value 95.82 · Buy at or below 95.82; 2024-02 · Price CNY 32.04 · Value 105.31 · Buy at or below 105.31; 2024-03 · Price CNY 32.20 · Value 105.31 · Buy at or below 105.31; 2024-04 · Price CNY 34.31 · Value 105.31 · Buy at or below 105.31; 2024-05 · Price CNY 34.28 · Value 105.31 · Buy at or below 105.31; 2024-06 · Price CNY 34.19 · Value 105.31 · Buy at or below 105.31; 2024-07 · Price CNY 32.73 · Value 105.31 · Buy at or below 105.31; 2024-08 · Price CNY 32.15 · Value 105.31 · Buy at or below 105.31; 2024-09 · Price CNY 37.61 · Value 105.31 · Buy at or below 105.31; 2024-10 · Price CNY 37.36 · Value 105.31 · Buy at or below 105.31; 2024-11 · Price CNY 36.34 · Value 105.31 · Buy at or below 105.31; 2024-12 · Price CNY 39.30 · Value 105.31 · Buy at or below 105.31; 2025-01 · Price CNY 40.65 · Value 105.31 · Buy at or below 105.31; 2025-02 · Price CNY 42.05 · Value 98.46 · Buy at or below 98.46; 2025-03 · Price CNY 43.29 · Value 98.46 · Buy at or below 98.46; 2025-04 · Price CNY 40.74 · Value 98.46 · Buy at or below 98.46; 2025-05 · Price CNY 43.43 · Value 98.46 · Buy at or below 98.46; 2025-06 · Price CNY 45.95 · Value 98.46 · Buy at or below 98.46; 2025-07 · Price CNY 44.48 · Value 98.46 · Buy at or below 98.46; 2025-08 · Price CNY 42.89 · Value 98.46 · Buy at or below 98.46; 2025-09 · Price CNY 40.41 · Value 98.46 · Buy at or below 98.46; 2025-10 · Price CNY 40.89 · Value 98.46 · Buy at or below 98.46; 2025-11 · Price CNY 42.95 · Value 98.46 · Buy at or below 98.46; 2025-12 · Price CNY 42.10 · Value 98.46 · Buy at or below 98.46; 2026-01 · Price CNY 38.67 · Value 98.46 · Buy at or below 98.46; 2026-02 · Price CNY 38.75 · Value 113.04 · Buy at or below 113.04; 2026-03 · Price CNY 39.32 · Value 113.04 · Buy at or below 113.04; 2026-04 · Price CNY 38.27 · Value 113.04 · Buy at or below 113.04; 2026-05 · Price CNY 38.01 · Value 113.04 · Buy at or below 113.04; 2026-06 · Price CNY 35.50 · Value 113.04 · Buy at or below 113.04; 2026-07 · Price CNY 39.62 · Value 113.04 · Buy at or below 113.04; 2026-08 · Price CNY 40.12 · Value 113.04 · Buy at or below 113.04; 2026-09 · Price CNY 41.26 · Value 113.04 · Buy at or below 113.04; 2026-10 · Price CNY 42.80 · Value 113.04 · Buy at or below 113.04; 2026-10 · Price CNY 42.66 · Value 113.04 · Buy at or below 113.04

CNY per share · annual estimates

Price & return math
Value range	CNY 90.43 – CNY 150.72
Buy at or below	Central value CNY 113.04
Discount to value	1 − 42.66 / 113.04 = 62.3%
Return / year	About 16.6% a year at today's price (required return 10.0%)
Cash-flow inputs	Book CNY 52.71/share; ROE 14.6%; first payout CNY 4.52/share, growing 6.0% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeCNY 150B

Net income

Book / shareCNY 45.91

Book / share

Dividend / shareCNY 2.34

Dividend / share

Return on tangible equity12.4%

Return on tangible equity

Diluted shares26B

Diluted shares

Prices 15 Oct 2026 · FY2025